$3M Bridge Loan Tampa Multifamily | Commercial Lending Solutions 
Loan Size Example

$3 Million Bridge Loan for Tampa Multifamily

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $3 million bridge loan for multifamily in Tampa typically funds a value-add or repositioning play on a 40 to 80 unit garden-style or mid-rise property in high-growth submarkets like Midtown, Hyde Park, or the Westshore corridor. Lenders on deals this size split between specialty bridge debt funds offering non-recourse leverage at 70 to 75 percent LTC and regional or national bank balance sheet programs offering recourse terms at 60 to 65 percent LTC. Rates on a SOFR-plus structure land around 9.50 percent all-in, reflecting the floating-rate environment and 24 to 36 month hold typical for a lease-up or unit-level renovation. Tampa's steady population influx and limited new supply keep cap rates compressible and exit refinance risk manageable for both lender and sponsor.

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Capital Stack

What a $3M Multifamily Bridge Capital Stack Looks Like

The capital stack for a $3 million bridge in Tampa almost always starts with a single senior lender, either a debt fund or a bank, taking the full $3 million at the quoted terms. At this loan size, most sponsors pair bridge debt with 10 to 20 percent equity from the owner or co-sponsors, making the total project capitalization $3.75 to $3.75 million. Debt fund lenders dominate this tier because they move faster than banks, accept floating-rate risk more readily, and underwrite aggressively to in-place NOI plus modest CapEx budgets.

Capital Source Rate / Cost Size / LTV Notes
Specialty bridge debt fund (non-recourse preferred) SOFR + 400 to 450 bps = 9.25 to 9.75 percent all-in $3M at 70 to 75 percent LTC Non-recourse or limited recourse; 24 to 36 month term with one 12 month extension option; underwrites to in-place NOI plus conservative expense and CapEx assumptions; floating-rate coupon resets monthly or quarterly
Regional or national bank balance sheet bridge (recourse) SOFR + 425 to 475 bps = 9.50 to 10.00 percent all-in $3M at 60 to 65 percent LTC Full recourse to sponsor; fixed or floating available; 24 to 30 month term; stronger credit box requirements; faster close for well-underwritten deals; loan committee approval within 10 to 15 business days
Sponsor equity (preferred or common) 7 to 12 percent IRR expected at exit $600K to $1.2M (20 to 40 percent of total cap stack) Covers gap financing, cost overruns, interest reserves, and loan fees; common structure in Tampa where sponsors see strong exit velocity into agency permanent financing
Mezzanine or preferred equity (optional second lien) 12 to 16 percent preferred return plus equity kicker $0 to $500K if gap financing needed Used only on larger or riskier repositioning plays; subordinate to senior bridge; often provided by co-sponsors or institutional partners with strong Tampa market knowledge

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $3M Multifamily Bridge Deal

The typical borrower on a $3 million Tampa bridge is an experienced multifamily operator with a minimum net worth of $1 million to $2 million, a track record of two to four closed bridge deals, and either local or regional platform presence in Florida. Sponsors are drawn to bridge financing to acquire off-market or lightly marketed assets from owners seeking certainty of close, or to execute rapid renovations on lease-up properties where agency financing isn't yet available due to occupancy thresholds. Common motivation includes fixing or repositioning a troubled or underperforming 50 to 80 unit asset within 24 to 30 months, then refinancing into 10 year agency debt at stabilization to lock in 4.5 to 5.5 percent fixed coupon.

From the CLS CRE Pipeline

A Real $3M Example

We closed a $2.85 million bridge for a 72 unit garden-style property in the Seminole Heights submarket for a sponsor team with two prior value-add deals in Orlando. The borrower purchased the asset at a below-market cap rate (5.2 percent in-place), then immediately started a 18 month unit renovation and common area upgrade. We structured the loan at 71 percent LTC with a floating-rate coupon of SOFR plus 425 basis points (9.50 percent at close), 28 month initial term, and full extension rights. The sponsor refinanced into a life company 10 year permanent at month 26, locking a 4.75 percent fixed rate on 85 percent LTC with 94 percent occupancy and pro forma NOI of $385K annually. Bridge lender recouped principal plus accrued interest within the first week of permanent funding.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$3M Bridge Loan Tampa Multifamily FAQ

Bridge debt funds close in 15 to 20 days, accept rehab risk and lease-up timeline risk that banks won't, and allow borrowers to lock pricing quickly before rates shift. Banks require 45 to 60 days, often demand third-party property inspections and engineering reports, and may impose post-close conditions. For sponsors racing to acquire an off-market asset or start renovations before a seasonal tenant window closes, bridge speed and flexibility justify the 50 to 75 basis point rate premium.
Most agency lenders (Fannie Mae, Freddie Mac, GNMA) require 85 to 90 percent stabilized occupancy and 12 to 24 months of seasoned rent rolls before issuing a permanent mortgage. Bridge lenders in Tampa typically underwrite a 24 to 30 month exit timeline to hit that threshold, then build a 6 to 12 month extension option into the loan in case lease-up takes longer. Exit cap assumptions are usually 5.0 to 5.5 percent, meaning the sponsor's pro forma NOI must support refinance at that cap rate to amortize the bridge debt and preserve equity.
Budget 8 to 12 percent of the as-is value for hard costs (flooring, paint, kitchen, bathroom, appliances, HVAC touchups) on a value-add play, plus 2 to 4 percent for soft costs and contingency. That typically translates to $150K to $250K per unit, or $1.2 million to $1.8 million for a 60 unit property. Bridge lenders require a detailed CapEx schedule and draw plan, often retain 10 to 15 percent holdback until substantial completion to guard against cost overruns.
Debt fund lenders prefer non-recourse or limited recourse, where the lender's recovery is tied to the property and equity cushion; non-recourse pricing is usually 25 to 50 bps tighter. Bank lenders typically require full recourse to the sponsor's personal guarantee and liquid net worth, particularly on deals where in-place NOI is weak or CapEx budgets are aggressive. Hybrid structures exist, where the first $500K of loss is non-recourse, but anything beyond that recourses to the sponsor.
Most bridge loans include a 12 month extension option (sometimes two six-month extensions) at a modest rate step-up of 50 to 100 basis points. If occupancy is still below stabilization, the sponsor either requests another extension, negotiates a forbearance, or must secure alternative financing such as a mezz loan or preferred equity injection from a co-sponsor. Some debt fund lenders will refinance into a longer-term mini-perm at 5 to 7 year amortization at a 6.0 to 6.5 percent fixed rate if the property demonstrates strong rent growth but slower lease-up.


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